Does the crap sandwich passed by the US Senate early this morning raise taxes or cut them? It all depends on how you look at it.
Fox News’ Brit Hume says the bill cuts taxes. That is to say, it extends the Bush-era income tax cuts to taxpayers earnings $400,000 per year or less. In making this argument, Hume is echoing Grover Norquist, who told the Washington Post editorial board last year that “Not continuing a tax cut is not technically a tax increase.”
If you don’t follow the Hume/Norquist logic, read that sentence again: “Not continuing a tax cut is not technically a tax increase.”
Hume’s Fox News colleague Chad Pergram, on the other hand, says the Congressional Budget Office estimates that the bill will result in $620 billion in new tax hikes:
Colleague Ed Henry says CBO indicates #fiscalcliff bill has $620 billion in new tax hikes. $15 billion in spending cuts.
— Chad Pergram (@ChadPergram) January 1, 2013
So which Fox News guy is right? Does it really matter?
— Bludworth (@bludworth) January 1, 2013
Whether you call them tax cuts or tax increases, our taxes are going up. And the crap sandwich passed by the US Senate this morning does nearly nothing to reduce federal spending.
@brithume You are wrong. Payroll tax increases on all. You are a fool if you don't see this.
— NCLibertyWarrior (@nc_liberty) January 1, 2013
@brithume Same drivel the senateusing to try and look good. Taxes DID go up from what they were yesterday! Quit drinking the kool aid, Brit!
— Randy Scroggins (@RandyScroggins) January 1, 2013
@brithume and does absolutely nothing to address spending
— Quizza (@JoeQuizza) January 1, 2013
It seems to us that “many on the right” have a very good understanding of the situation.